Category: Southern Africa
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S.A’s Budget 2017 makes retirement funds attractive
The 2017 budget speech takes place at a time when the fiscus is under pressure. Unsurprisingly, the Minister has raised the necessary additional revenue by primarily increasing personal taxes. This comes through in the form of lower bracket creep relief, a new tax bracket for high-income earners, a higher dividend withholding tax rate and higher…
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S.A:Bidvest can tap $1 billion for acquisitions says CEO
South African trading, services and distribution firm Bidvest has access to $1 billion for acquisitions, its chief executive said on Monday. “We’d be able to raise $1 billion should we need it, or about 14 billion rand ($1 billion) to 15 billion rand and that has been confirmed by a lot of the bankers,” said…
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Fuel levy compounds South Africans’ woes
The increase in fuel levies announced in the national budget on Wednesday worsens SA’s already “disproportionately high pump prices”, BMI Research said in an economic note on Friday morning. Finance Minister Pravin Gordhan said in his budget speech the general fuel levy would increase by 30c/l and the Road Accident Fund (RAF) levy by 9c/l,…
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S.A’s Budget 2017 makes retirement funds attractive
The 2017 budget speech takes place at a time when the fiscus is under pressure. Unsurprisingly, the Minister has raised the necessary additional revenue by primarily increasing personal taxes. This comes through in the form of lower bracket creep relief, a new tax bracket for high income earners, a higher dividend withholding tax rate and…
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S.A:Woolies S.A raises R100-m for education
The MySchool and Woolworths campaign to ‘Raise R100 million for Education’ has managed to raise R104.9 million, exceeding the original target of R100 million set in April 2015. Woolworths says this milestone could only be achieved thanks to the support of customers and active MySchool cardholders who participated in the campaign between April 2015 and December…
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S.Africa’s Massmart reports 16 pct jump in FY profit
South African retailer Massmart reported an almost 16 percent rise in full-year profit on Thursday, as the firm controlled costs and closed some of its less profitable stores in a tough economic environment. Massmart, majority-owned by Wal-Mart Stores Inc, posted diluted headline earnings per share of 587.6 cents for the 12 months to end-December, compared…
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S.A’s CoM welcomes ConCourt ruling on gold producers
The Chamber of Mines, acting on behalf of gold producers AngloGold Ashanti, Harmony and Sibanye, welcomes the ruling by the Constitutional Court in favour of the gold producers. The ruling relates to the decision by the Labour Court on 23 June 2014 to uphold the interim order issued on an urgent basis by the Labour…
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S.A:OUTA files complaint against Eskom with Competition Commission
On 17 February 2016, the Organisation Undoing Tax Abuse (OUTA) lodged a formal complaint, evidence and detailed submission to the Competition Commission, alleging anti-competitive behaviour and abuse of dominant market position by Eskom, the national electricity utility of South Africa. OUTA is a civil action organisation in South Africa that investigates, exposes, litigates and mobilises public…
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South Africa’s Group Five CEO resigns
South African construction firm Group Five said on Wednesday its group chief executive Eric Vemer will be resigning in the next few weeks. “Eric and the board will be working towards transitional arrangements which will result in the identification of a suitable replacement candidate,” Group Five said in a statement. – Credit: CNBC Africa
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South African private equity firm acquires Kenyan unit of Aon
A South African private equity firm has acquired the Kenyan unit of global insurance broker Aon for an undisclosed amount. Johannesburg-based Capital works have bought out Aon interests in Aon Kenya, a firm which offers insurance brokerage services as well as human resource consulting. The buyout was part of an acquisition spanning 10 Aon units…